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Help with Holiday Budget Busters
The holidays are a time of giving—and that's OK, as long as you stay within your budget. If you tend to overspend, you could become stressed out at a time when you should be enjoying yourself. Keep your checkbook balanced all holiday season long with these six financial tips to curb overspending.
Make a Budget (and Stick to It!)
Decide how much you can afford to spend this holiday season, and don't spend a penny more. If you can, try to spend less than you budgeted.
Budget the Money You Have
When deciding your holiday budget, don’t count on money you don't have. What does that mean, exactly? Don't include that "surefire" holiday bonus, raise, or profit sharing in your holiday financial plan. If you include it and the bonus doesn't come through, your budget could be blown.
Here’s a Tip: Don't Forget
It's early December, you're getting your hair cut, and it hits you: You need to tip your hairdresser for a year of great work. Don't let instances such as these wreck your finances. Try to figure out which service people you'll want to tip come holiday time (newspaper carrier, favorite barista, the neighborhood youngster who does your yard work, etc.) and work them into your holiday budget.
Cash and Carry
Carry cash when you go shopping, and only spend what’s in your wallet. Forgo debit or credit cards, which can give the impression of unlimited resources and lead to overspending.
Make a List and Check It Twice
Before you head out to the local mall or shopping center, write down whom you’ll be shopping for and shop only for them. You'll be less likely to leave someone off your list accidentally or pick up an unnecessary gift.
Watch the Extras
Wrapping paper, bows, cookies, greeting cards, and other "little" holiday essentials can really add up. Remember to include them when figuring out your financial plan.
If you manage to navigate the holiday season with your budget intact—congratulations! Not many people can do that. Just remember what you did, so in the years to come you can manage to stay holiday-debt free.
Topics:
Organizational Skills, Budget and Finances
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